Risk Management for Design and Construction Hardcover – 17 Jun 2011
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"In summary, this is a good and an easy to read book. It provides a general overview on project costs and schedule estimates, and touches on a couple of risk management tools." ( Construction Management and Economics, July 2012)
From the Back Cover
The essential risk assessment guide for civil engineering, design, and construction
Risk management allows construction professionals to identify the risks inherent in all projects, and to provide the tools for evaluating the probabilities and impacts to minimize the risk potential. This book introduces risk as a central pillar of project management and shows how a project manager can be prepared for dealing with uncertainty. Written by experts in the field, Risk Management for Design and Construction uses clear, straightforward terminology to demystify the concepts of project uncertainty and risk.
- Integrated cost and schedule risk analysis
- An introduction to a ready–to–use system of analyzing a project′s risks and tools to proactively manage risks
- A methodology that was developed and used by the Washington State Department of Transportation
- Case studies and examples on the proper application of principles
- Information about combining value analysis with risk analysis
"This book is a must for professionals who are seeking to move towards a proactive risk–centric management style. It is a valuable resource for students who are discovering the intricacies of uncertainties and risks within value estimation. For professionals, the book advocates for identifying and analyzing ′only′ risks whose impact are of consequence to a project′s performance."
JOHN MILTON, PHD, PE
Director of Enterprise Risk Management, Washington State Department of Transportation
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Most helpful customer reviews on Amazon.com
Risk Management for Design and Construction is an umbrella discussion that is both generic in terms that lead a novice to understand the dynamics, functionality and benefits of Risk Base Estimating (RBE), and technically in-depth to challenge and expand the risk professionals expertise. Very few books can do both. Risk Management for Design and Construction does both and leads the reader to expand their horizons.
The authors discuss the requirement of effective “Risk Elicitation”. “Risk Elicitation” is the result of the human interactions explaining their experiences with the subject risks. This book has an in-depth discussion on leading the risk workshop. It also discusses the in-depth identity of risk such as the well know probability and impact elements, but elaborates on the interactions of uncertainties, correlations and project internal and external forces of change. It describes the need and process for on-going RBE during the life of the project to effectively manage the evolving risks, both original risks that are changing and new risks that present themselves.
Risk Management for Design and Construction is a must read for anyone wanting to be an effective manager of risks, this includes managers at the highest enterprise level, field project managers and their supporting staffs.
Professionals involved with transportation projects may find some value here. Some risk management in the public sector is better than none.
The best book I've found on the subject is "Project Risk Management Guidelines, 2nd Edition" by Dale Cooper et al.(Wiley, 2014).
- What risk management is in contrast to an estimate and why it is important;
- How infrastructure project cost and schedule estimates are developed;
- The principles behind a risk based estimate, and how project managers should elicit risks from their teams;
- Monte Carlo simulation for infrastructure projects;
- How to model schedule risk and schedule uncertainty;
- Risk conditionality and risk dependency, and how modelling too many risks distort the distribution;
- How to use the Risk Based Estimating self-modelling spreadsheet that is available for free from Washington State DOT - Risk Based Estimating Self-Modeling;[...]
- Risk response planning for infrastructure (with examples) where the model outcomes are changed through the risk responses;
- Risk management and the linkages between risk management and value engineering;
- Risk monitoring and control outlines how important it is to identify the owner of the risk and who is responsible for monitoring the risk. Assigning ownership for a risk is critical in design build, and Public Private Partnership contracts.
In summary Risk Management for Design and Construction is a practical and useful textbook that when combined with the Washington State DOT risk based estimating self-modelling spreadsheet provides a method for any organization to start quantifying and managing risks.
As a professor of civil engineering and international expert in the field of transport infrastructure, I strongly recommend this book to professionals, tutors and students involved in risk management of significant civil projects including highways, viaducts, bridges and others engineering structures. The valuable practical methodology described in this book has been already used for the assessment of some important road projects in Romania. Also a significant number of doctoral and dissertation theses, undertaken under my guidance, in our Technical University "Gheorghe Asachi" Iasi, are using now this book as a guide for their studies. Recently I had the opportunity to recommend this book to my research fellows from Research Institute for Transport Infrastructure from Beijing, China, who expressed their interest in this book. Since there is a lot of transport infrastructure work going on in the world, I am convinced that this book will have a great future and will bring a positive impact on the risk management in my country and abroad.
Radu Andrei, PhD, PE
Professor of Civil Engineering
Technical University Gheorghe Asachi" Iasi
Faculty of Civil Engineering
Department of Transport Infrastructure and Foundations
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